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[StartupRecipe]Top 10 Most Funded Korean EdTech Startups in 2022

#Weekly Funding Overview

[Oct. 10 ~ Oct.14]

The total funds raised by Korean startups of this week is KRW 92.5 billion.

ArtramiArt commerce-SeedCNTTECH
MonolySaaS18 billionSeedGalaxy Interactive, K2G, Otium Capital
BALAANFashion25 billionSeries CShinhan Capital, CompanyK Partners, Daol Investment
Helper roboticsServing Robotics-SeedCNTTech
AlgorigoEdutech1.5 billionPre-Series ALighthouse Combined Investment
Contxts.ioNFT Financial management-Naver D2SF
BitemePettech3 billionSeries A bridgeIMM Investment, Vplatform Investment
TimepercentTrading market platform-SeedDcamp, Future Play, Angels
Nuon MediaWebtoon4 billion
Crazy AlpacaProphtech-GRANTTIPS
ScreenaSocial watching-GRANTTIPS
ChakhannFood500 millionSeedBon Angels Venture Partners, DG Tech Holdings
SlingEdutech7 billionSeries ASpring Camp, N Partners, Philosophia Ventures
Estate CloudProphtech7 billionSV Investment, Central Investment Partners, Korea Omega Investment, Shinhan Capital
ClassumEdutech15.1 billionPre-Series BDunamu & Partners, Big Basin Capital, Pearl Abyss Capital, Storm Ventures
PlanaAAM11.8 billionPre-Series ASchmidt, Dsc investment, Future Play, DT & Investment, IBK, Geno Investment Asia, KIBO, Shinhan Asset Management

Major Funding

  • Balaan, an online fashion marketplace for luxury goods, has completed a KRW 25 billion series C funding round. In the first half of the year, the company ran into controversy and struggled to attract follow-up investments. With this investment, it will concentrate on strengthening its business stability, improving its business profit structure, and diversifying its products.
  • Decentralized SaaS platform Monoly has secured a seed investment of KRW 18 billion. It offers a platform that enhances the security of company data and the effectiveness of collaboration. Its product is used by semiconductor industries and financial investment companies.
  • Edtech startup Classum has raised KRW 15.1 billion in investment. It provides a communication-oriented education platform that integrates online and offline learning, such as real-time video lectures and chat-based Q&A sessions. It is used by over 6,000 schools and companies in 32 countries.
  •  Plana, which develops VTOL(vertical take-off and landing) aircraft with electric propulsion systems, has secured a KRW 11.8 billion pre-series A investment. It is the only company developing hybrid-based VTOL aircraft in Korea. Its aircraft can fly more than 500km at a maximum speed of 350 km/h. It aims to commercialize AAM(advanced air mobility) services in 2028.

#Trend Analysis

Top 10 Most Funded Korean EdTech Startups in 2022

The education market has shifted from offline to online in line with the trend of digital transformation accelerated by COVID-19. Startups with digital competitiveness are therefore successful in attracting investment.

According to data from Startup Recipe, edtech startups have raised KRW 197.8 billion in investment by October 15 this year. Unlike large-scale investments made in Riiid (KRW 200 billion) and Mathpresso (KRW 56 billion) last year, which benefited from COVID-19, less money is expected to be invested in the frozen investment market this year. Even so, leading edtech companies have been bringing in more than KRW 10 billion. They are mainly in the sector of on-the-job education, coding, childcare, language learning, and communication platforms.

The company with the largest funding is Day1 Company, an adult education platform, which has raised KRW 30 billion. It secured KRW 10 billion won last December and succeeded in attracting additional investment in six months. It provides practical training for those who aim to develop their careers, strengthen their capabilities, and change jobs. Last year, it experienced significant growth and recorded payments of KRW 99.4 billion.

Practical training services for office workers are on the rise. In particular, coding education is in the spotlight because developers are in high demand and are earning a higher salary. Team Sparta, which offers coding classes, also took advantage of the coding craze and received an investment of KRW 13 billion. These practical training services are expanding the market to B2B, making profits by providing staff training services to companies and institutions. Quriously, which operates an online class AirKlass, has raised KRW 10 billion. Its online services allow students to learn everything online, from certificates to languages, financial techniques, and hobbies.

In the educational content market, startups related to infants and children have been favored by investors. Jaranda, a childcare startup, received a Series B investment of KRW 31 billion in April, and Tictoccroc finished its Series B round with KRW 16 billion in September. Both companies were founded in 2016 and have female CEOs. The two companies have grown rapidly by addressing the childcare gap during the COVID-19 pandemic. They are expanding their business online and offline, focusing on services that match children with professional teachers. The two startups are vying in the B2B sector as more businesses offer childcare services to their employees as a means of welfare. In addition, Glorang, an interactive, customized education service for young children, raised KRW 12 billion with its strength in non-face-to-face real-time education. Growv Edu, which promotes the digital transformation of early childhood education, also obtained a KRW 12 billion investment before launching its service.

Some startups that provide a digital learning experience as an alternative to tutoring and private academies have also been successful in attracting funding. IHateFlyingBugs, which drew KRW 30 billion, addresses equal educational opportunities by bringing offline study management online with its 1:1 online tutoring service, Mildang PT. Sling also secured KRW 7 billion by offering a new learning experience with its tablet-based SAT study app. Additionally, Classum raised KRW 15.1 billion by selling B2B SaaS that improves educational communication both online and offline. 6,000 customers in 32 countries around the world are using its service that combines online and face-to-face learning, such as real-time video lectures and chat-based Q&A sessions.

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